Allen Stanford Trial: U.S. Recommends 230 Year Sentence For Ponzi Schemer

Allen Stanford, the convicted financier who prosecutors have called a “ruthless predator” could face up to 230 years in prison for his Ponzi scheme, during which he stole $7 billion, in what is one of the nation’s worst fraud schemes in history.

Reuters reports that in their filing in a U.S. District Court in Houston, prosecutors stated:

“Robert Allen Stanford is a ruthless predator responsible for one of the most egregious frauds in history. The sheer magnitude of the money stolen, the duration of the crime, and the extent to which Stanford lived a life steeped in deceit are almost unrivaled.”

The San Franscisco Chronicle reports that Stanford was found guilty in March of defrauding more than 20,000 investors of $7 billion in what the government has called bogus certificates of deposit, while working at his Antigua-based Stanford International Bank, Ltd. In his own sentencing recommendation, which was filed under seal, Allen Stanford has reportedly asked for leniency, since he is a first-time offender.

Lawyers for the Justice Department also stated that:

“Nothing speaks more eloquently of Stanford’s character than his sentencing arguments in this case. After everything that he has done to so many innocent victims, Stanford does not show a hint of remorse for his misconduct, only the same arrogant, narcissistic behavior that led to it.”

Allen Stanford has been incarcerated as a flight risk since his indictment in June, 2009, and was charged three months after U.S. securities regulators seized his companies under a suspected Ponzi scheme, which he was ultimately found guilty of.